The dollar opened at an average of $3,766.10, which represents an increase of $17.95 compared to the Representative Market Rate of $3,748.15 for today’s session.
The opening price recorded by the Set-FX platform was $3,765, the highest was $3,770.50, and the lowest was $3,760. During the day, $7.7 million was negotiated in 30 transactions.
Despite this upward panorama, the truth is, american currency It has recorded a downtrend so far this year, even dropping above $215. However, if you are interested in buying and selling dollars at exchange offices, it is important to know that this value is not quoted in the same way as TRM.
In fact, sales at these offices averaged $3,826, or $77.85 above the reference rate. Giros y Finanzas ($3,880) has the highest price, followed by El Cóndor ($3,840) and Punto Dollar ($3,820). By contrast, the most attractive prices are Cambios Vancouver and Cambios Kapital at $3,800 each.
However, why don’t these companies address a value equal to or closer to the Representative Market Ratio? Exchange offices define their prices autonomously, according to Camilo Pérez, director of economic research at Banco de Bogotá.
“Normally there is a difference between exchange houses. However, when events occur like the last few days when the official foreign exchange market has been moving so fast, the rates of foreign exchange houses get misaligned,” he said.
This means that it is more convenient for you to buy currency in banks, but people usually do not do these transactions. According to analysts, because not all banks sell dollars for cash. Also, “people prefer to go to exchange offices because they need an account in the United States for the bank to transfer resources. On the other hand, the costs associated with these financial institutions are very high and people don’t. José Luis Hernández, Corficolombiana’s corporate trading desk, said: “I like to watch their financial movements,” he said.
He also noted that around this pre-Easter holiday, a shortage of dollars has begun and that inventories of exchange offices may remain at high selling levels.
However, the average purchase was $3,697, with the best values offered by Interdollars ($3,550); Drafts and Finance ($3,600) and Point Dollars ($3,850).
Regarding the behavior of currencies, Martha del Pilar Martínez, president of the Colombian Association of Foreign Exchange Professionals (Asoprocambios), said, “Values have been very stable over the past month, regardless of whether the TRM has risen by $30 or not. Today, those who own foreign currency prefer to keep it as a savings or investment element instead of selling it, but it is a fact that they do it when they need it, but the demand for foreign currency has increased since the middle. 2021 due to election uncertainty.”.
Source: Lare Publica
